All Forum Posts by: Jay Orlauski

Congratulations! you got the bug now!!! It seems like once you understand that you can actually do this , it's hard to stop looking for new opportunities.

not exactly overwhelmed with responses...uh anyone interested in spending a week in Hawaii? I really don't know what I'm gonna do with the thing - it's costing us close to $600 a year in maintenance. I'm pretty sure I could use that somewhere else.

Hi everyone, I've got a timeshare from about 12 years ago that I never use. We tried to list it a few years ago and paid an upfront fee to have it listed and advertised. It was never sold. Once the initial selling contract expired , they wanted more money to continue listing it. We chose not too and have never tried to sell it again.

We recently received a flyer from a company called Safe Hands transfers that promises to relieve you of your time share with no upfront costs and even claims to pay your fees while in transfer. I've googled them and have not found too much info about them other than some people have claimed to asked for payment up front - yet their website and printed materials are driven by claims of no upfront fees or listing fees. The number gets you an appointment with someone - I am very suspicious of this company and wanted your opinions as to whether anyone has ever dealt with them before.

A more pressing question might be - does anyone know of any legitimate ways/ companies that can help me get rid of these timeshares?

Originally posted by Jon Holdman:

A better question, IMHO, is why can't he make the payments on the current loan? If he can't make those payments how can he possibly make payments on a new, bigger loan?

Jon , you always have a way of cutting right through the BS to get to the heart of the matter. I really enjoy your posts.

Welcome Scott!

Glad you found the site - I too wish I had found this place sooner. There are many very smart people here with a lot of good things to say. I have already learned several things I had not even thought about before - I myself am looking forward implementing some of the things I've learned here and sharing the experience with everybody else.

Welcome to BP - I think you'll find that there are plenty of people here looking to wheel and deal. I am in Fresno and always on the lookout for opportunities in real estate. I liquidated most of my properties in 2004, and I am now looking to purchase again. I can only go so far as a fourplex right now, but plan to pick up some more units over the next couple of years and hopefully get into 10 - 20 unit complexes within 5 years. I think if we stay in contact there may be opportunities for both of us in central and northern california.

Originally posted by Jesse R:

Welcome to the rat race. Reo properties are very competitive when priced low. I try to avoid the bidding war by going after properties that have been on the market for a long time and offering quite a bit below asking.

exact same thing just happened with us. We are having trouble getting offers accepted and hearing this "highest and best" just to lose out to someone else ( probably an all cash buyer).

However , we recently put a bid on a house that has been listed for a while and we offered 14k less - suddenly , we are the middle of counter offers and are further along with this property than any others we have approached so far. . Seems like a strategy that could come in handy.

Originally posted by Mike M:

Steve
As Jon said and to answer Rich, you can always make the offer contingent upon interior inspection. My point is that you really don't need to even see the house to make an offer. But the offer can have contingencies. If you plan on making dozen's of offers on dozen of REO's, it would not make logistical sense to try and view the interiors of hundreds of homes to make a few dozen offers.

I have done the same several times and have made many offers on homes that I have not seen. Of course I have never actually PURCHASED a property I've never seen. The key is include inspection contingencies so that you have a way out if you don't like the property. Making the offer simply gets your offer in front of the seller as soon as possible. By making the offer contingent on inspection , you give yourself a chance to started on the deal without locking yourself into it if the property does not pan out for you. You can include several layers of contingency by basing it on inspection, ability to get funding, etc. These are common in real estate transactions and most buyers I have ever dealt with recognize that a buyer (usually) must actually see the inside of a house and if it's not an all cash transaction than they should be expecting that the lenders will want an inspection also.

That being said ... I have been having trouble getting an offer accepted recently - however, I believe that I am being out bid by all cash investors who are swooping up all the best cash flow properties. I will be posting that up in another thread addressing this issue and posing questions.

However, even if you have seen the property it and walked around in it , it is still a good idea to include some protection for yourself, because the actual home inspection may reveal things you never realized or noticed on the walk through.

excellent advice - one must stay away from the emotional aspects of buying or selling even though the reality is that it can be emotionally taxing. Taking a step back and doing the cost analysis will help to clarify things and stay focused on the profit. Me and my wife have learned to grow thick skin in this business.

By the way Ben, you can put me on your buyer list as I will be looking to pick up some properties next year in the so cal area. Right now I am investing in the Central Valley and looking toward getting a fourplex. I have not been interested in SFRs but at the rate they are selling for now , it might not be a bad idea - so I am keeping my mind open and watching for good deals.